Tag: AfDB

Vice President Yemi Osinbajo has said that Nigeria will be getting $400m from the African Development Bank soon as sector loans.

Osinbajo, who represented President Muhammadu Buhari at the inauguration of AfDB’s Nigeria Country Department Building in Abuja on Thursday said Dr. Akinwumi Adesina the bank’s president had confirmed that the money would be given to the country as sector loans.

The AfDB approved $1bn loan in November 2016 to assist the country get out of recession. A total of $600m had been released out of the $1b

Osinbajo said the release of the first tranche of the loan was instrumental in helping Nigeria to wriggle out of recession.

He stated, “Since 1971, the Nigeria Country Office has served as an important convening point for the bank, the Federal Government and state governments and the private sector. Nigeria has been important in the growth of the institution as a major shareholder, a donor and a borrower.

“We have through the years shared the bank’s vision and objectives to underscore the love between the AfDB and Nigeria (as the president of the bank rightly describes it as a marriage). We have loaned our own Dr. Akinwumi Adesina to the bank as he is to our great pride and Nigeria’s first president of the bank.

“In Nigeria, the AfDB has an active portfolio of close to $6bn spread over 73 projects, cutting across public and private sectors of the Nigerian economy. These projects continue to create thousands of direct and indirect jobs in many parts of our economy.”

Osinbajo added, “Most specifically, I thank the President and the members of the Board of the AfDB for their support to Nigeria at a very difficult time during the 2015/2016 economic recession. When we requested for the support of the bank, the response was swift. The bank approved a budget support loan of $1bn in November 2016. The first tranche of $600m has been fully disbursed and utilised.

“In my discussions with the president of the bank, we will be getting the remainder in form of sector loans. So we are looking forward to the remaining $400m. As you know with marriages, very frequently – when demand is made, sometimes it is cut in halves.

“The approval of our loan request by the AfDB sent a much-needed signal to the market at the critical time for Nigeria, and for this, we will remain ever grateful to the AfDB.”

At the event, Nigeria also demanded that it should be considered as the bank’s regional hub for West Africa.

The Minister of Finance, Mrs. Kemi Adeosun, said that the new office complex would strengthen Nigeria’s effort and desire for regional integration in the West African sub-region and demanded that the country should be considered as the regional hub for the AfDB in West Africa.

She stated, “It is in this regard that I would like to put on record Nigeria’s strong desire and demand to host the regional hub of the African Development Bank.

“We think that being the largest shareholder of the bank since inception and the country with one of the largest portfolios of its projects, Abuja, Nigeria is the natural and logical place for the bank’s regional hub.

“Through this investment, the African Development Bank has made Nigeria the first regional member country to host the bank-owned office complex.”

The minister urged Adesina to convey Nigeria’s request to the bank’s senior management and executive board.

In his remarks, the AfDB president stated that the bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy on the continent.

“The bank’s portfolio in Nigeria is currently about $6bn and we expect these investments to grow to $8bn by the 2019,” he added.

The AfDB boss disclosed that the bank had invested $500m in the Development Bank of Nigeria and would also be committing $200m in the Transmission Corporation of Nigeria.

President Yemi Osinbajo has said that Nigeria will be getting $400m from the African Development Bank soon as sector loans.

Osinbajo, who represented President Muhammadu Buhari at the inauguration of AfDB’s Nigeria Country Department Building in Abuja on Thursday said Dr. Akinwumi Adesina the bank’s president had confirmed that the money would be given to the country as sector loans.

The AfDB approved $1bn loan in November 2016 to assist the country get out of recession. A total of $600m had been released out of the $1b

Osinbajo said the release of the first tranche of the loan was instrumental in helping Nigeria to wriggle out of recession.

He stated, “Since 1971, the Nigeria Country Office has served as an important convening point for the bank, the Federal Government and state governments and the private sector. Nigeria has been important in the growth of the institution as a major shareholder, a donor and a borrower.

“We have through the years shared the bank’s vision and objectives to underscore the love between the AfDB and Nigeria (as the president of the bank rightly describes it as a marriage). We have loaned our own Dr. Akinwumi Adesina to the bank as he is to our great pride and Nigeria’s first president of the bank.

“In Nigeria, the AfDB has an active portfolio of close to $6bn spread over 73 projects, cutting across public and private sectors of the Nigerian economy. These projects continue to create thousands of direct and indirect jobs in many parts of our economy.”

Osinbajo added, “Most specifically, I thank the President and the members of the Board of the AfDB for their support to Nigeria at a very difficult time during the 2015/2016 economic recession. When we requested for the support of the bank, the response was swift. The bank approved a budget support loan of $1bn in November 2016. The first tranche of $600m has been fully disbursed and utilised.

“In my discussions with the president of the bank, we will be getting the remainder in form of sector loans. So we are looking forward to the remaining $400m. As you know with marriages, very frequently – when demand is made, sometimes it is cut in halves.

“The approval of our loan request by the AfDB sent a much-needed signal to the market at the critical time for Nigeria, and for this, we will remain ever grateful to the AfDB.”

At the event, Nigeria also demanded that it should be considered as the bank’s regional hub for West Africa.

The Minister of Finance, Mrs. Kemi Adeosun, said that the new office complex would strengthen Nigeria’s effort and desire for regional integration in the West African sub-region and demanded that the country should be considered as the regional hub for the AfDB in West Africa.

She stated, “It is in this regard that I would like to put on record Nigeria’s strong desire and demand to host the regional hub of the African Development Bank.

“We think that being the largest shareholder of the bank since inception and the country with one of the largest portfolios of its projects, Abuja, Nigeria is the natural and logical place for the bank’s regional hub.

“Through this investment, the African Development Bank has made Nigeria the first regional member country to host the bank-owned office complex.”

The minister urged Adesina to convey Nigeria’s request to the bank’s senior management and executive board.

In his remarks, the AfDB president stated that the bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy on the continent.

“The bank’s portfolio in Nigeria is currently about $6bn and we expect these investments to grow to $8bn by the 2019,” he added.

The AfDB boss disclosed that the bank had invested $500m in the Development Bank of Nigeria and would also be committing $200m in the Transmission Corporation of Nigeria.

The African Development Bank (AfDB) has approved the sum of $1.1 billion for Nigeria, South Sudan, Kenya, Ethiopia and Somaliato fight climate change. This fund, the organisation believes will help all concerned countries build medium and long-term resilience to climate change challenges such as famine and drought.

Nigerian, Dr. Akinwumi Adesina, the President of AfDB, revealed this at the Feed Nigeria Summit in Lagos.

He said “Over 4.5 million people in the northern part of the country suffer from risks of severe malnutrition due to droughts. Lake Chad is rapidly shrinking.

“That’s why I applaud and fully support President Muhammad’s Buhari’s leadership and efforts on rehabilitation of the Lake Chad basin…

“Africa has no business importing food. Africa should be a net exporter of food.

“Agriculture in Africa must move away from being treated as a social sector for managing poverty to a business of creating wealth.”

Alhaji Tijjani Tumsa, the Vice-Chairman, Presidential Committee on the North-East Initiative (PCNI), has revealed that the African Development Bank (AfDB) has committed $1 million for the rebuilding of the Government Girls Secondary School (GGSS), Chibok, Borno, as part of efforts to rehabilitate the community ravaged by the Boko Haram insurgency.

He said ‘‘The ADB has committed 1 million dollars for the school project; the money will be used to reconstruct the school and secure the premises.

‘‘Part of the money will be used for some psycho-social support and security enhancement in the Chibok community,’’ he said.

‘‘The military engineers are part of the project, actually we have been negotiating with the Nigerian Army; so they are part of the new initiative.

‘‘We are going to encourage them to make use of local suppliers on all needs on the project to support the local community,’’ he said.

‘‘We had a stakeholders’ engagement with the community because we felt that it is necessary to engage with the community, the state, the local government and the traditional institution toward returning life to normal in the Chibok community.

‘‘That is why we felt that we will involve everybody in the community,’’ Tumsa said, adding that the outcome of the meeting was successful.

‘‘The meeting has been fruitful; we are now on the same page with the community toward returning life to normal.

‘‘Our intention is to complement the military successes against Boko Haram by providing civilian response in terms of resettlement, in terms of restoration of livelihood in the Chibok and other communities affected by the insurgency,’’ Tumsa said.